The Real Deal New York

Here’s what the $10M-$20M investment sales market looked like last week

Greenpoint Manufacturing and Design acquires former bicycle factory, Prana buys in Washington Heights
By Christian Bautista | December 12, 2017 08:30AM

Clockwise from top left: 2372-2376 Amsterdam Avenue, 291-292 Lincoln Place and 94-15 100th Street. (Credit: Google Maps)

In the world of mid-market New York City investment sales last week, Prana Investments bought three walk-up apartment buildings in Washington Heights, and Greenpoint Manufacturing and Design Center bought a former Queens bicycle factory.

1.) Greenpoint Manufacturing and Design Center picked up a three story industrial building in Queens’ Ozone Park neighborhood for $14.6 million. The property, at 94-15 100th Street, used to be a factory for bicycle manufacturer Worksman Cycles. GMDC has begun renovations at the property, according to its website. The organization is looking to build a production space for small to mid-sized manufacturers with units ranging from 1,200 to 9,000 square feet. The building will be renamed the GMDC Ozone Park Industrial Center once renovations are complete. The seller is 1898 Realty LLC.

2.) Prana Investments bought three adjacent walk-up apartment buildings in Washington Heights from Rockaway Capital Partners for $13.1 million. The properties, at 2372-2376 Amsterdam Avenue between West 177th and 178th streets, contain 57 units in total. San Francisco-based Prana is an active multifamily player in the Bronx and Upper Manhattan. Its holdings include 30 Sickles Street and 95 Thayer Street in Washington Heights and 2489 Morris Avenue and 1900 Grand Concourse in the Bronx.

3.) American HK Development scooped up a Flushing development site from Hersel Sonbolian for $10 million. The assemblage includes five parcels: 31-29, 31-31, 31-33, 31-35 and 31-37 137th Street.

4.) Gideon Platt’s GP Properties acquired a pair of four-story walk-up buildings in Prospect Heights for $17.9 million. The properties, at 291 And 292 Lincoln Place, are located between Underhill and Washington avenues. It contains 49 apartments, 39 of which are rent-regulated. The seller is American Building Management.

5.) Al Laboz’s United American Land picked up the four-story mixed-use property at 44 Willoughby Street in Downtown Brooklyn for $11 million. The building contains two apartments and five commercial units. The seller is Bayridge Funding. United American Land financed the acquisition with a $6.4 million loan from Signature Bank.